Surgent's Successfully Completing a Gift Tax Return -- Form 709

Overview

Since the early 2000s, the estate tax burden on taxpayers has gradually decreased along with the number of practitioners specializing in the field. Nevertheless, some of your most wealthy clients will have a taxable estate. For these select clients, making large gifts before death can be extremely tax efficient for the client and profitable for the practitioner filing the gift tax return. Learning how to file a basic gift tax return can help you attract and retain clients, increase your value-add, and generate revenue.

Highlights

Taxpayers who do not file gift tax returns but should
The annual exclusion rules for gifts to trusts including required Crummey notices
What should be disclosed on the return for purposes of running the statute of limitations
The reporting of installment sales and split-interest
Valuations and valuation discounts for gifts of closely held businesses
The utilization of Generation Skipping Transfer Tax and the related automatic allocation rules
Reporting the use of a deceased spouse’s unused exclusion exemption amount (DSUEA)
A line-by-line explanation of Form 709

Prerequisites

Basic understanding of federal income and transfer taxes

Designed For

Any tax practitioner who wishes to understand how to assist clients with filing a federal gift tax return